Five out of the 12 countries in the Middle East have outlined goals to achieve net zero emission targets. For the UAE and Oman, this aim was set to be achieved by 2050, while Saudi Arabia, Bahrain, and Kuwait are targeting 2060.

Looking towards making these goals successful, the Middle East is set to witness a high amount of energy investment, with projections indicating it could reach approximately $175 billion in 2024. Among these, nearly 15% comprises investments in clean resources.

This information comes from a report by the International Energy Agency (IEA) titled “World Energy Investment,” which further highlighted that clean energy investment in the announced pledges scenario is expected to triple by 2030 compared to 2024.

The report also mentioned that for every dollar invested in fossil fuels in the region, only 20 cents were allocated to clean energy investment. However, the IEA said that the region has the potential to reduce its reliance on oil and gas with green alternatives such as solar power and hydrogen.

Globally, energy investment is expected to surpass $3 trillion for the first time in 2024, with the majority of this amount, $2 trillion, dedicated to renewable technologies and infrastructure.

“The rise in clean energy spending is underpinned by strong economics, continued cost reductions, and considerations of energy security. But there is a strong element of industrial policy too, as major economies compete for advantage in new clean energy supply chains,” said Fatih Birol, IEA executive director.